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"It's time we think about African Bank differently. It's no longer a micro-lender," said African Bank CFO Gustav Raubenheimer as he took investors through the bank's plans to reduce its dependency on unsecured lending.
Raubenheimer was there when the old African Bank almost collapsed because of bad debt coming from unsecured lending in 2014. The bank came out of curatorship in 2016, splitting itself between the "good" and the "bad" bank that formed Residual Debt Services Ltd.
The good bank – the African Bank that CEO Kennedy Bungane now leads – came out of that curatorship with the goal to reduce its dependency on unsecured loans, and under the former CEO, Basani Maluleke, it launched its first transactional banking product, MyWORLD, in 2019.
